Asterley Bros secures 50% of funding target in 24 hours
Vermouth and amaro maker Asterley Bros has secured 50% of its £100,000 (US$123,000) crowdfunding goal in just 24 hours.
The London-based producer launched its campaign via Crowdcube on 9 September. It will remain open for 30 days.
Founded in 2014 by brothers Rob and Jim Berry, Asterley Bros will use the funds to increase production capacity, develop new products, and build its sales and marketing functions.
Recently, the firm announced it had hired bartender Joe Schofield as its creative director, who will develop a new range of “approachable” vermouths.
Currently, the firm exports to Hong Kong and Singapore and has secured listings with Fortnum & Mason and Harvey Nichols.
Asterley Bros is valued at £1 million (US$1.2m) and has plans to expand into a further 20 export markets including China, Spain and the US over the next five years. Over the period, the group forecasts total sales revenue of £12m (US$14m).
“We have been overwhelmed by the level of interest in our handmade amaro, vermouth and fernet over the last few years,” said Rob Berry.
“The apéritif category is undergoing a renaissance, fuelled by the UK consumers’ desires for all things Negroni and Spritz, so this is perfect time for us to expand our production and offering.”
The campaign, which is offering investors 9.09% equity, will end at midnight on Tuesday 8 October.